Property, Finance, People   iLoan Home Loans
 
 
FAQ


If it costs us nothing, how does iLoan get paid?

By gathering the clients’ information and providing the banks with prepared applications, iLoan streamlines the process, lowering the banks overhead costs. In return iLoan is paid a fee by the banks. This fee cannot, by law be included in your loan, and you will pay no more than if you approach a bank directly.
How do the banks feel about iLoan?

The lenders benefit from the services provided by iLoan as it reduces their overhead costs and allows them to provide a far more efficient service to customers.
What are the benefits of using iLoan?

Because we deal with the banks every day, we know their products backwards. That way we can find the best loan for you. What’s more we can negotiate a good rate with them, and speed up the process of approval and registration. So we take away the guesswork and hassle of doing it all yourself. And it won’t cost you a cent more!
Why should I deal with you and not the lender direct?

With iLoan you get the benefit of comparing all the banks’ home loans without lifting a finger. And you get the advice of an independent party when evaluating their relative home loan offers.
Will I get the same interest rates as if I applied through the bank directly?

iLoan will ‘shop around’ on your behalf for the best loan for you - not only in terms of rate but also other features of the loan. And because we do so much business with the banks we can negotiate from a position of strength. Invariably we will get a better rate than if you approached the bank yourself.
Is there any obligation to accept a home loan sourced by iLoan?

There is no obligation to accept any approved home loan that iLoan has sourced on your behalf. The offer we make to you is effectively a quotation from the relevant bank.
What if I already have a pre-approval from another lender?

If you have obtained pre-approval from another lender then iLoan can either complete the application process on your behalf or alternatively we can source a competitive rate from another lender.
After I apply for a loan on-line, what should I expect?

An iLoan consultant will contact you to confirm that we have received your application and to verify any information that may be necessary.
Do I have to apply on-line?

No. You can apply online, over the phone or in person, where a consultant will visit you at your convenience. In all instances you will have the opportunity to discuss any aspects of your loan application with an experienced iLoan consultant at any time.
Are there any hidden fees?

There are no hidden costs for using our services, as the lenders pay iLoan an outsourcing fee for completing the application process. All the normal costs involved in getting a home loan that will be payable to attorneys, the bank and the state (transfer fees) will be presented to you before you go ahead, so you know what you are in for.
How will I be able to track my application status?

Your dedicated property consultant will keep you informed throughout the entire process and will be available at your convenience should there be an queries.
How long will it take to approve my loan?

Normally applications are approved within twenty four hours assuming that all required information has been received. In terms of the National Credit Act the banks have 5 working days to assess your application and provide you with an offer with the interest rate and loan amount.
 


What is Bond Origination?

What is Bond Origination?

Bond originators give you independent advice on choosing a home loan and help you obtain it without the hassle of doing all the legwork yourself - we answer some commonly asked questions.
What is mortgage origination?

Basically, it is the business of negotiating on the behalf of a prospective property owner, a home loan with a bank. Some originators, like iLoan offer services that may help a buyer, like advice on estate agents in the area, how to complete the sale agreement, etc.
Why do I need a mortgage originator?

Because your home purchase is probably the most expensive one you'll make in your life, the home loan itself is an important financial decision and the benefit to be gained from making a correct choice can amount to savings of hundreds of thousands of rands over the life of the loan.
Is choosing a home loan really that difficult?

All home loans differ from one another and each bank may evaluate your worth differently, so it is not as simple as shopping around for what appears to be the best interest rate in the market. Each bank has varying credit policies that cater for different claim circumstances. iLoan has knowledge of all banks' products and will advise you on the type of loan that best suits you. They will negotiate with the banks on your behalf to get the best rate for that product.
I've heard that this service is free - how so?

Indeed, the service is free for the home buyer. iLoan receives a fee from the bank for doing the groundwork on the loan and thereby reducing the bank's costs. The bank is, by law, not allowed to add this cost to the amount of the loan, so you won't pay more than if you approached the bank yourself.
Isn't it easier to just get my home loan from my regular bank?

Your bank will encourage you to keep all your finances under one roof, so to speak - but at what cost? Because iLoan originates loans for all major banks, this offers you, the buyer choice and by being able to compare various products and rate offers, you get the best home loan deal in the end.
How do I know if I'm getting good advice?

The professionalism of the originator will quickly become evident, so make sure you are dealing with someone who can explain their recommendation clearly and are credible. Check their track record and only deal with an originator that is a member of the National Association of Mortgage Originators (NAMO).
Must I accept any of the packages they offer?

No - you have not entered into an agreement with the originator, other than to give them the information they need to get quotations from the banks. You still make the final decision whether or not to accept their offer.
Once I've accepted their recommendation, what happens?

iLoan will submit your applications together with the relevant documentation, such as copies of your ID and salary advice, to the bank agreed on and advise you once your loan has been approved. A good originator should also keep you informed all the way through to registration and liaise with the conveyancing attorney on the loan's progress.
 

 

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